NLNG Corporate Caring banner FirstGem 3rd anniversay lecture Fidelity bank card banner Emerald Energy Institute Camano banner

FG moves to float focused labs to drive public, private sector partnership

By News Express on 11/10/2017

Gmail icon

Views: 1,063

•Budget and National Planning Minister, Senator Udo Udoma
•Budget and National Planning Minister, Senator Udo Udoma

The Federal Government is working on modalities for setting up focused labs in some critical areas of the Economic Recovery and Growth Plan (ERGP) to further consolidate the gains of the economic diversification programme.

Budget and National Planning Minister, Senator Udoma Udo Udoma, while briefing members of the Senate Committee on National Planning on the state of the economy said the labs are intended to bring all the relevant stakeholders in the public and private sectors into weeks of intensive working sessions to brainstorm on practical steps to overcoming any identified challenges in the selected areas.

The central objective of the labs, he explained, will be to bring in private capital to finance a number of development projects across the country.

The Minister said government has already engaged some economic and development experts from the private sector and the academia on ERGP implementation to facilitate the process.

He told the Senators that an implementation unit has been set up in the Ministry to closely monitor the implementation of the critical initiatives of the plan and periodically evaluate implementation progress against set targets and milestones.

The unit is also to provide early warning signals of potential risks and work closely with the MDAs to articulate actionable measures to be taken against any identified constraints.

Referring to the recent National Bureau of Statistics (NBS) report which announced the country’s economy exit from recession, the Minister said even though a GDP growth rate of 0.55% is not a substantial growth rate, it nevertheless is significant because the downward drift has been arrested.

That fact that the downward drift has been arrested and the economic indicators are pointing upwards is a significant step forward in the effort to reposition the economy which took a downward trajectory beginning 2014 and slipped into a recession in the second quarter of 2016, he said.

He explained that with population growth rate at about 3%, the 0.55% growth in GDP was not likely to make any appreciable impact on people’s lives, but he was optimistic that by the time the 2020 target of 7% is realised, the full impact of the growth will be felt by Nigerians.

The Minister said the gladdening aspect of the development is that some very promising growth levels are being recorded in the non-oil sector, with agriculture posting 3.01% in the second quarter of 2017 and Industry turning positive for the first time in nine quarters.

Compared to the situation last year where 27 out of 46 economic activities recorded negative growth, only 21 recorded negative in the second quarter of 2017. “Headline inflation has declined since January reflecting tight monetary policy and strengthened Naira in the foreign exchange market,” he added

While appreciating the efforts of government in repositioning the economy, chairman of the Committee, Senator Rabiu Musa Kwankwaso, said the achievements would be more appreciated when the people start feeling the impact of the economic reforms in their daily dealings.

A member of the Committee, Senator Madaki Bukar, advised that serious consideration should be given to the establishment of micro-finance banks in the rural areas to enable local farmer have access to credits.

He said if the economic fortunes of the local farmers and small scale entrepreneurs improve, the larger economy will benefit from some kind of multiplier effect.

Source News Express

Posted 11/10/2017 9:49:49 PM

 

 

CLASSIFIED ADS

 

You may also like...
Sierra Leone High Court vacates interim injunction on...

LAUTECH: Oyo group blasts Osun Govt, asks Makinde...

Religious, traditional leaders set agenda for peaceful election...

Gross misconduct: NJC recommends compulsory retirement of 2...

Biafra to become a reality by 2035 —...

Questions over APC’s future after Buhari

EXMAN identifies key growth drivers for Nigeria’s experiential...

Nigeria draws Tunisia, Guinea, Niger Republic in 2016...

13 varsity students kidnapped in Kwara

Fidelity Bank Founder Onwuka Kalu (Okpuzu) of Onwuka...

FG earns N808bn from VAT in 9 months...

Hate speech worse than terrorism, says Oyegun

 

Latest News Buhari breaks silence on alleged third term agenda Pastor slumps, dies after defecting to APC Ekiti: Police arrest two bank officials over robbery Appeal court upholds election of Ganduje, Tambuwal Journalist found dead in police officer’s house Anti, pro-Oshiomhole protesters in free-for-all at party secretariat Inspector killed in Cross River, Akwa Ibom communal clash Dozens blinded by police shots during protests Eight South African police officers on trial over killing of Nigerian Gunmen kill 10-year-old girl, police officer in Ekiti South East: No PDP gov 'll decamp to APC - Umahi Youth group berates NASS for dubbing Singapore’s #socialmediabill

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (564,654 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (453,202 views) Shameless Genevieve Nnaji exposes breasts in public (402,539 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (337,086 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (304,525 views) 10 cars more expensive than Jets (283,377 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (259,473 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (257,716 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (239,224 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (225,678 views) Lagos plane crash: Journalist releases victims’ names (201,973 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (198,651 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (110) Business & Economy (4,582) Business Verdict (87) Columnists (1,147) Complaints & Requests (97) Enterprise & Opportunities (219) Entertainment (708) Features (845) Global Business Monitor (493) ICT Monitor (68) International (4,232) Interview (212) Live Commentary (30) Love Matters (176) Maggie's Blog (494) News (54,281) Opinion (1,424) Pidgin (17) Politics (11,790) Religion (1,122) Sports (2,230) Stock Watch (40) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera